DETROIT (Reuters) - Chrysler Group LLC and Tesla Motors Inc , both led by media-savvy executives, are trading public jabs over the definition of payback.
DETROIT (Reuters) - Tom LaSorda, the former chief executive of Chrysler Group LLC and Fisker Automotive, is launching a venture capital fund with racing magnate Roger Penske to invest in technology startups.
Filed under: Etc., Government/Legal, Chrysler, Earnings/Financials, Tesla In the same week that Audi said "not so fast" to some claims from Tesla, Chrysler has responded to a new press release from the California-based EV-maker by saying "not exactly, Tesla." The statement, released through the company's blog, comes in response to Tesla claiming it was "the only American car company to have fully repaid the government." Chrysler notes that it, too, recently paid back Uncle Sam from its 2008 bailout. Similar to Audi's recent press release, which was eventually and mysteriously deleted from the German automaker's site, Chrysler is both right and wrong in its statement. Tesla specifically said that it had paid back the Department of Energy loans that many automakers received - including Fisker and VPG Autos - while Chrysler's retort argues Tesla is "unmistakably incorrect" since it repaid the government in 2011 a full six years early. Technically, the statements from both automakers are correct, but Tesla's startup loan originated from the DoE, while Chrysler's loan came in bailout form from the Troubled Asset Relief Program (TARP). Further, as The Detroit News notes, Chrysler's loan still cost taxpayers well over a billion dollars after all was said and done - those negative assets tied to "old Chrysler" in the bankruptcy did not require repayment.Move over Audi, now Chrysler has a beef with Tesla's claims originally appeared on Autoblog on Thu, 23 May 2013 11:29:00 EST. Please see our terms for use of feeds.Permalink | Email this | Comments
Filed under: Europe, Government/Legal, Plants/Manufacturing The Detroit News reports automakers are coming out in support of proposed free trade legislation between the US and the European Union. The Association of Global Automakers, representing major Asian manufacturers, says the Transatlantic Trade and Investment Partnership will promote economic growth, increase jobs and make US and EU companies more competitive on the global market. The legislation will also open the door for EU and US regulators to agree on one standard for emissions, crash protection, child restraints, fuel systems and tire pressure monitors. If that happens, automakers could save millions of dollars by being able to build and sell one car for both markets. Jaguar-Land Rover North America also stands behind that move, but would also like to see the US completely eliminate its current 2.5 percent tax on imported cars. The company isn't alone. Ferrari has also spoken up in favor of eliminating the tariff, and the Alliance of Automobile Manufacturers, comprised of Ford, General Motors, Chrysler, Volkswagen, Toyota and Daimler among others, also supports harmonizing regulations between both markets. All told, the EU and the US make up 32 percent of global vehicle production and 35 percent of the total buyer market. The Detroit News reports the US exported some $8 billion in cars to Europe last year and another $5 billion in parts.Automakers lining up to support US-EU trade pact originally appeared on Autoblog on Thu, 23 May 2013 11:01:00 EST. Please see our terms for use of feeds.Permalink | Email this | Comments
Chrysler Group and Tesla Motors, run by two of the most outspoken CEOs in the auto industry, are trading zingers over the help each company received from the federal government.
Filed under: Etc., Chrysler, Alfa Romeo, Luxury, Fiat Automotive News reports Fiat-Chrysler CEO Sergio Marchionne has issued a written apology for his comments regarding his decision to stick with an Italian engine for the upcoming Alfa Romeo 4C. As you may recall, back in January, Marchionne was quoted as saying, "I cannot come up with a schlock product, I just won't. I won't put an American engine into that car. With all due respect to my American friends, it has to be a wop engine." The CEO penned an apology to the Italian American ONE VOICE Coalition for using the racial epithet, saying that he made the comment in jest. Marchionne also said he realizes his remarks were unacceptable. ONE VOICE, an organization aimed at fighting discrimination and stereotyping of Italian Americans, thanked Marchionne, Chrysler and Fiat for the apology. Marchionne is an Italian-born Canadian citizen, and he's gotten in trouble for other comments in the past. In 2011, he called high interest rates Chrysler was paying to the Canadian government "shyster rates." He apologized a day later.Marchionne offers belated apology for 'wop engine' comment originally appeared on Autoblog on Wed, 22 May 2013 14:14:00 EST. Please see our terms for use of feeds.Permalink | Email this | Comments
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